Inflation slows down in July on slower public utilities’ price rise

MOSCOW, Aug 12 (PRIME) – Slower public utilities’ price rise contributed most to the slowdown of annual inflation to 4.6% in July, the central bank said in a statement on Monday.

“Expected decline of the annual growth rate of public utilities’ tariffs due to a smaller than a year before indexation with the first stage falling for January influenced the slowdown (of inflation) most. As a result, the annual growth rate of services’ prices decreased noticeably,” the central bank said.

Annual food inflation remained at the June level in July due to fruit and vegetable price growth and falling prices for other goods.

The central bank reiterated that inflation is to return to a 4% target at the beginning of 2020.